Core Materials Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Core materials are substances that are used in sandwich structures for the manufacturing of lightweight high-performance products.

Sizing and Forecast
The core materials market size has grown rapidly in recent years. It will grow from $1.53 billion in 2023 to $1.74 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to demand for lightweight materials, environmental regulations, growth in wind energy sector, infrastructure development, market competitiveness..

The core materials market size is expected to see rapid growth in the next few years. It will grow to $2.85 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to rising focus on renewable energy, advancements in composite technologies, electrification of transportation, infrastructure resilience, smart building technologies, circular economy practices.. Major trends in the forecast period include development of fire-resistant core materials, customization and tailoring for specific applications, integration of nanotechnology..

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Segmentation & Regional Insights
The core materials market covered in this report is segmented –

1) By Type: Foam, Honeycomb, Wood
2) By Distribution Channel: Direct, Indirect
3) By End-Use Industry: Wind Energy, Aerospace and Defense, Marine, Automotive, Building and Construction, Medical, Other End-Use Industries

Asia-Pacific was the largest region in the core materials market share in 2023. The regions covered in the core materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing demand for wind energy is driving the growth of the core materials market going forward. The demand of wind energy is increasing mainly due to an alternative energy and need to protect environment by limiting carbon footprint. Foam, balsa, and honeycomb core are the common sandwich construction used in the manufacturing of wind turbine blades. Wind energy is an essential clean resource for achieving the reduction of carbon emissions target and is also striving towards capacity additions therefore there is an increase in the need for wind turbine blades which are made from core materials. For instance, in 2022, according to the global energy review by the IEA (International Energy Agency), a France-based autonomous international government organization, renewable energy supply from solar, wind, hydro, geothermal, and ocean sources rose by close to 8%, meaning that the share of these technologies in total global energy supply is increasing. Additionally, the U.S. power grid is shifting from fossil fuels to renewables, with renewables projected to increase by about 380% from 2022 through 2050. Therefore, the rising demand for wind energy is driving the growth of the core materials market.

Key Industry Players
Major companies operating in the core materials market report are Schlumberger Ltd., Baker Hughes Inc., Halliburton Company, Weatherford International plc, Gulf Energy SAOC, Calfrac Well Services Ltd., Sanjel Energy Services Inc., Nabors Industries Ltd., Trican Well Service Ltd., China Oilfield Services Ltd., Condor Energy Services Ltd., Vallourec SA, Daleel Petroleum LLC, National Energy Services Reunited Corp., China Oilfield Service Limited, C&J Energy Services Inc., China Well Cementing Services Limited, National Oilwell Varco Inc., Sledgehammer Oil Tools Pvt. Ltd., Crimson Oil Tools Pvt. Ltd., Wilco Machine & Fab Inc., Wellcare Oil Tools Services LLC, Welltec A/S, Volant Products Inc., Pioneer Energy Services Corp., Magnum Cementing Services Operations Ltd., Gulf Coast Cement shell Inc., Cementing Solutions Inc.

The core materials market report table of contents includes:

1. Executive Summary

2. Core Materials Market Characteristics

3. Core Materials Market Trends And Strategies

4. Core Materials Market – Macro Economic Scenario

5. Global Core Materials Market Size and Growth
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31. Global Core Materials Market Competitive Benchmarking

32. Global Core Materials Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Core Materials Market

34. Core Materials Market Future Outlook and Potential Analysis

35. Appendix

Top Major Players:

Schlumberger Ltd

Baker Hughes Inc.

Weatherford International PLC

Gulf Energy SAOC

Calfrac Well Services Ltd

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